BUDGET: UK borrowing to fall to 1.1% GDP by 2015/16
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UK Government borrowing will fall to from 10.1 per cent of GDP in 2010 to 1.1 per cent of GDP by 2015/16, according to the Chancellor.
In his Budget today, Chancellor George Osborne says Government borrowing will be slashed through this Parliament’s tenure mainly through spending cuts.
He says borrowing will fall from £149bn this year to £116bn in 2011/12, £118bn in 2012/13, £60bn by 2013/14 and £37bn by 2014/15. Osborne says Government borrowing will fall to £20bn, or 1.1 per cent of GDP by 2015/16.
He says: “Debt will be falling the end of this Parliament.”
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Readers' comments (1)
Robert Donaldson | 22 Jun 2010 5:53 pm
All very well but it is still borrowing and when do we start paying it back?
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